Affordable Developers Buy Silicon Valley Complex

An 114‑unit complex in Santa Clara, known as Montecito Apartments, has sold for $51.7 million, according to a deed recorded on Dec. 23.

Located at 3760 and 3765 Tamarack Lane near the border with Sunnyvale, the property was sold by an affiliate of Pacific Urban Investors, the Silicon Valley Business Journal reported. Pacific Urban had acquired it three years earlier for $50.7 million. Pacific Urban, a Palo Alto-based multifamily owner and investment manager, has been active in the market, recently selling an apartment complex in Fremont to Benedict Canyon Equities for about $50 million. The company has other holdings in the Silicon Valley market.

The buyer is an affiliate of Las Palmas Housing and Belveron Partners. Belveron Partners is an investment firm specializing in affordable housing ownership, while Las Palmas Housing is a nonprofit public benefit corporation involved in affordable housing development and social service programs. Neither organization commented to the Business Journal.

The sale price equates to roughly $453,000 per unit, slightly below Santa Clara County’s five‑year average of about $458,000 per unit for multifamily properties with more than 100 units, based on CBRE’s analysis of MSCI Real Capital Analytics. Built 55 years ago, Montecito Apartments includes amenities such as a pool and fitness center.

The transaction fits with Las Palmas’ mission of “acquiring, developing, rehabilitating and supporting affordable housing,” according to its website. The Encinitas-based organization has development partners that include Amcal Housing, Related Companies and Aimco Capital Development. Earlier in 2025, Las Palmas and a partner paid $52 million, or $317,000 per unit, for apartments in San Jose.

The organization, which has 71 affordable housing projects with more than 6,500 units, is run by President Joseph Michaels.

San Francisco-based Belveron Partners runs funds for investors interested in multifamily. It has acquired nearly 30,000 units in 14 states. Since 2006, it has raised more than $1.2 billion in equity financing for affordable projects. The company’s founder and managing partner is Paul Odland, who was previously CEO of Concierge Asset Management.

– Joel Russell